May, 2012 brought with it some positive news for the Franklin real estate market, although not as much of some would have preferred. Take, for example, the 35 closings that took place: This represents a dramatic 40-perent increase versus the previous month. But considering the fact that April’s total of 25 closings was the 3rd lowest in a year, anything other than a big rebound would have been very disappointing indeed. Another sobering fact: the most recent figure represents a decrease of nearly 3 percent compared to last May’s total of 36. Still, this is a difference of just 1 closing. Something else that stood out, in a good way, was the fact that there were, on average, 32 closings per month from March through May of this year, or 23.1 percent more, compared to this same quarter last year.
The news was not nearly as good when it came to pending sales. While May’s total of 37 pending sales was unchanged versus the previous month, it was down 9.8 percent versus 12 months ago. Also, there were, on average, 33 pending sales logged each month from March through May of this year, making for an 8.3-percent decrease in comparison to this same period 1 year ago.
After climbing for 3 consecutive months and reaching a 6-month high of 201 in April, the number of Franklin homes on the market in May fell 1.5 percent to a total of 198. This is a far more significant 18.5-percent decrease compared to last May’s total of 243 listings, which is most definitely a good thing for the Franklin market. Another good thing: The average number homes listed for sale each month, from March through May of this year fell 19.6 percent compared to this same period in 2011, or 197 versus 245 respectively.
Some other noteworthy Franklin real estate market statistics:
- Of the 198 Franklin homes for sale in May, 45 were new listings. This is down not only versus the previous month’s total of 56, down not only versus last May’s total of 53, but down also versus the 12-month average number of new monthly listings of 47.
- Franklin homes spent an average of just 54 days on the market in May. This is a very significant improvement of nearly 38 percent compared to the previous month’s average of 87 days. It is also a 15-month low for this particular metric. Compared to last May’s average of 98 days it is a 44.8-percent improvement. The 12-month average time on market in Franklin, Indiana is 89 days.
- The absorption rate based on closed sales was 17.7 percent, while the absorption rate based on pending sales was 18.7 percent.
- There were 5.7 months of inventory based on closed sales in May and 5.4 months of inventory based on pending sales.
- Buyers benefitted significantly as the average price per square foot fell 21.4 percent, from $70 in April to just $55 in May. But considering April’s average represents a 15-month high this is hardly a surprise. The 12-month average price per square foot in Franklin is $59.
- The average ‘sold’ price of $103,000 was down 27.4 percent versus the previous month’s average of $142,000, even though it was up 3 percent versus last May. The 12-month average ‘sold’ price in Franklin is $110,000.
- The average active price of $156,000 was up nearly 11 percent versus the previous month’s average of $141,000, and up nearly 7 percent versus last May’s average of $146,000. The 12-month average active price is $148,000.
Other Franklin Real Estate Resource Online: